Mortgage News

MORTGAGE NEWS

Now is a Great Time to Buy a Home, Rates are at a Three-Year Low and Down Payment Grants are Available!

Residential Mortgage is proud to be an approved lender for the Alaska NeighborhoodLIFT program* to help make your dream of homeownership a reality. For a limited time, you may be eligible for a $10,000 grant on a qualified property. Veterans and service members, teachers, paraprofessionals, law enforcement officers, firefighters and emergency medical technicians could receive a $12,500 grant.

About the NeighborhoodLIFT program:

  • Requires an eight-hour homebuyer education class where you’ll learn about finding and financing a home, as well as managing the financial responsibilities of homeownership.
     
  • Not limited to first-time homebuyers.
     
  • Income limits apply.
     
  • Qualifying properties include owner-occupied single-family homes, 2-4 unit homes, condominiums, townhomes, PUDs, co-ops, and land trusts located in Alaska.

Contact the office nearest you today to get started on your pre-qualification.


Soldotna Office Has Moved

Our Soldotna office has moved into the Northrim Bank building next door to its old location! Starting today, you can find Loan Originator Aaron Swanson and his team at 44384 Sterling Highway, Suite 102. Stop in or call 260-9705 to schedule an appointment to meet with Aaron.

Find all our locations on the Branches page .


Relocating? Looking for a Retirement or Vacation Home?

We have added Idaho to the list of states we can provide home financing for!

Considering a home purchase or refinance in Arizona, Colorado, Idaho, Nevada, Washington or Wisconsin? Let us help you with your home loan from right here in Alaska!

Contact us today to get started.


Kodiak Office Closure

Our Kodiak office closed April 19. Mortgage Loan Originator Carrie Morton has relocated to the main office at 100 Calais Drive in Anchorage. She served her Kodiak neighbors for more than 28 years and is still available for all their home financing needs. Contact Carrie today.


Purchase Renovation Loans Available

Seventy-five percent of Alaska's homes were built between 1970 and 1990, putting them way past their functional and cosmetic life. If your dream home doesn’t quite fit your style and personality, we have something for that.

With an Alaska Housing Finance Corporation Purchase Renovation loan from Residential Mortgage you are able to finance your home renovation in conjunction with your purchase loan, meaning less paperwork and only one set of closing costs.

Below you’ll find some quick facts about the loan and its requirements.

  • Available to all Alaska residents.

  • Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, and condominium units as well as rural non-owner-occupied duplexes, triplexes and fourplexes.

  • Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.

  • Both an “as-is” and “as-complete” appraisal is required.

  • 50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.

  • Additions are subject to additional requirements.

  • A final inspection is required.

For more information, or to apply for a loan, contact us today.


Fairbanks Office Move

Our main Fairbanks office has moved - one mile southwest of its old location! You can now find us at 324 Old Steese Highway. Stop in or call 452-8800 to schedule an appointment to meet with a loan originator there.

You can also find our loan originators inside the Northrim Bank branch at 360 Merhar Avenue and inside Somers & Associates at 711 Gaffney Road.

Find all our locations on the Branches page .


Considering a Home Purchase or Refinance in Wisconsin?

Let us help you with your home loan from right here in Alaska!

We have added Wisconsin to the growing list of states we can provide home loan services for. The current list now includes Arizona, Colorado, Nevada, Washington and Wisconsin.

Talk to one of our expert loan originators to get started.


Homebuyers to See Higher Loan Limits in 2019!

Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2019 thanks to an increase in home prices. The new limits are a 6.9% increase over the 2018 limits.

Loan limits for conventional loans will increase to the following:

  • Single Family House/Condo: $726,525

  • Duplex: $930,300

  • Triplex: $1,124,475

  • Fourplex: $1,397,400

In addition, the Alaska Housing Finance Corporation has increased its loan limits.

  • Single Family House/Condo: $799,177

  • Duplex: $930,300

  • Triplex: $1,124,475

  • Fourplex: $1,397,400

Contact us today for more details.


Residential Mortgage No Longer Charges an Origination Fee

Residential Mortgage no longer charges an origination fee on most of its home loans, lowering out-of-pocket closing costs to qualified homebuyers.*

Instead of paying the customary 1% origination fee, you’ll pay a processing fee and an underwriting fee.

The money you save could be in the thousands, and be used to increase your down payment, set up an emergency fund for those inevitable home repairs, lower debt, or whatever you choose.

Local service, more programs and fewer fees set us apart from other lenders.

For more information, or to pre-qualify, contact us today.

 

*Restrictions may apply. Amount of savings depend on the loan amount. Minimum loan amount to save is $105,000. Not available on AHFC loans.


Consider a Refinance Renovation Loan for a Needed Remodel

Are you ready to renovate your outdated kitchen or master bath and increase your home’s value? What about increase the energy efficiency of your home to save you money? All of that - and more - is possible with an Alaska Housing Finance Corporation Refinance Renovation loan from Residential Mortgage.

Below you’ll find some quick facts about the loan and its requirements.

  • Available to all Alaska residents.

  • Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, and condominium units as well as rural non-owner-occupied duplexes, triplexes and fourplexes.

  • Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.

  • Renovations must comply with state laws regarding contractor licensing and minimum construction standards.

  • An “as-complete” appraisal is required.

  • 50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.

  • Additions are subject to additional requirements.

  • A final inspection is required.

For more information, or to apply for a loan, contact us today.


100% VA Cash-Out Refinance for Qualified Veterans

Qualified veterans are able to refinance up to 100% of your home’s value with a VA Cash-Out home loan.

A VA Cash-Out Refinance loan provides access to cash from the equity you’ve built up in your home – and you’re free to use the money for whatever you want!

  • Remodel your home

  • Pay off high-interest debt

  • Eliminate tuition-related debt

  • Buy a car or boat

Compared to many other kinds of loans, the VA Cash-Out is often your best way to convert your home’s equity into cash because it’s often offered at a lower rate when compared to a conventional cash out loan.*

Low interest rates and high home values make it a great time to tap into your home’s equity for other expenses. Contact us today to find out if you qualify.

 

*Property must be owner occupied. Requires a full appraisal as the loan amount is based upon the current appraised value. Maximum loan amount is different in each state. Ask your loan originator for specifics. Applicants are not required to extract cash. Closing costs and funding fee can be rolled into the entire loan amount. By refinancing an existing loan, total finance charges may be higher over the life of the loan.